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Prepare the necessary journal entry to record purchase

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Question - On August 1, 2021, Mark Leamington Engineering paid $1,000,000 in a lump-sum purchase of land, building, and equipment. The payment consisted of $200,000 cash and a note payable for the balance. An appraisal revealed the following fair values at the time of the purchase:

Land $500,000

Building 450,000

Equipment 250,000

Instructions - Prepare the necessary journal entry to record this lump-sum purchase (round all percentage calculations to two decimal places).

Reference no: EM132573981

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